Shutting down Peter Schiff's bank bolsters Bitcoin's case for financial freedom

Puerto Rico regulators shut down Schiff's bank for failing to meet minimum net capital requirements. As a result, customers lost access to their accounts following a subsequent freeze.

Prominent economist Peter Schiff, well known in the community for his anti-crypto sentiments, has had his bank shut down by regulators in Puerto Rico. The revelation, however, led Crypto Twitter to point out the “irony” as Schiff's prediction for Bitcoin (BTC) came true for its own traditional bank.

Puerto Rico regulators shut down Schiff's bank for failing to meet net minimum capital requirements, further impacting customers as they lost access to their accounts following 'a subsequent freeze.

Despite no evidence of crimes, regulators in Puerto Rico still closed my bank for net capital issues, rather than allowing a sale to a highly qualified buyer promising to inject capital well beyond regulatory minimums. As a result, accounts are frozen and customers may lose money.

While acknowledging that “customers can lose money,” Schiff said he was unaware of regulatory minimums and did not receive any form of legal notice before the shutdown brutal. He added:

"Running a small bank costs a fortune. That's why I've never really made any money. The compliance costs are outrageous."

As a witness to what many consider an epic twist, the crypto community has taken the opportunity to explain the importance of Bitcoin in reinventing the heart of traditional finance.

The irony of it all is so hilarious! @PeterSchiff you realize that if you had used Bitcoin it would be...